Williamson County Nov. 2007 Home Sales

Williamson County Association of Realtors® Announces November 2007 Home Sales

Williamson County Association of REALTORS® Announces November Housing Numbers
December 10, 2007 (Franklin, TN)-The Williamson County Association of REALTORS® today announces the sale of homes statistics for Williamson County, Tn. for the month of November 2007. There were 278 residential and condominium closings reported for the month of November, according to figures provided by RealTracs Solutions, the multiple listing service used by REALTORS® in the Middle-Tennessee area.
Compared to November of 2006, the single family residential closings decreased 20 percent and the median price decreased by 9 percent. Condominiums closings have increased by 30 percent and the median price increased by 16 percent. The decrease in the median price appears to be tied to a decrease in the number of homes in the over $1 million range closing in November. The average days on the market (DOM) for residential homes have increased by 14 days and condominiums have increased by 17 days. Days on the market have been consistent since the onset of 2007, with the days ranging from 58 - 68 days. Median prices have remained consistent since January 2007, ranging from $365,000 to $391,200. The median is a typical market price where half of the homes sold for more and half sold for less.


November 2007
Residential
247 Closings $365,000 Median Price $427,205 Average Price 69 Days on Market
Condominium
31 Closings $219,990 Median Price $227,241 Average Price 40 Days on Market

November 2006
Residential
308 Closings $401,700 Median Price $466,644 Average Price 55 Days on Market
Condominium
24 Closings $189,890 Median Price $219,234 Average Price 23 Days on Market

November 2005
Residential
398 Closings $296,072 Median Price $370,150 Average Price 50 Days on Market
Condominium
52 Closings $152,920 Median Price $167,229 Average Price 27 Days on Market


"The National subprime mortgage crisis peaked in September when many of the sales closed in November were being negotiated, which may explain some of the market change. Dr. Lawrence Yun, chief economist with the National Association of Realtors recently predicated that high-cost markets with many jumbo loans would show a slow down due to the mortgage crisis. That certainly seems to be the case in Williamson County where the downward distortion of the median and average price seems to be due to a slow-down in the higher-priced market. After the holidays, the pent up demand for homes is expected to break so that sellers should be ready for buyers with sparkling clean, updated homes and appealing prices." said Kathie Moore, 2008 President of the Williamson County Association of REALTORS®.
(Williamson County Board of Realtors - December 2007)